UOB Life Sold to Prudential, 07 Jan 2010

United Over­seas Bank (UOB) announced on 6 Jan 2010 that it has sold its life insur­ance unit, UOB Life, to Brit­ish Insurer, Pruden­tial, for $428 mil­lion. UOB will instead con­cen­trate on its core bank­ing busi­ness. UOB will record a one-time gain of $85 mil­lion in FY2010. How­ever, upon com­ple­tion, UOB, UOB Buana and UOB Thai will enter into a ban­cas­sur­ance agree­ment to dis­trib­ute life, acci­dent and health insur­ance products of the Pruden­tial Group for at least 12 years.

The exising 70,000 UOB Life policies held by 50,000 poli­cy­hold­ers will hence be handed over to Prudential’s man­age­ment.

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